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Financial News: Hong Kong Inflation Slows In June

Hong Kong Inflation Slows In June

07/21/2020 - 07:31:00 (RTTNews)

(RTTNews) - Hong Kong's consumer price inflation eased for the third month in a row in June, data from the Census and Statistics Department showed on Tuesday.

The consumer price index rose 0.7 percent year-on-year in June, after a 1.5 percent increase in May.

The smaller annual increase in June inflation was mainly due to the moderation of the year-on-year increases in the prices of pork when compared with May, the agency said.

Excluding the effects of all government's one-off relief measures, core inflation was 1.2 percent in June, after a 1.9 percent rise in the previous month.

"The underlying consumer price inflation rate eased visibly to 1.2 percent in June, as prices of basic foodstuffs showed a much narrower year-on-year increase against a high base of comparison caused by the surge in pork prices which started in May last year," a government spokesman said.

"Looking ahead, overall inflationary pressures will likely recede further in the near term amid austere global and local economic conditions."

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